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On December 14, the UK’s Financial Conduct Authority (FCA) published its first consultation paper on the implementation of the Investment Firms Prudential Regime (IFPR) (CP20/24) with its proposal for the UK’s new regulatory capital/ prudential rules following the end of the Brexit transition period (the Consultation Paper).

The FCA intends to create a new Prudential sourcebook for Markets in Financial Instruments Directive (MiFID) Investment Firms (MIFIDPRU).
Continue Reading UK Regulatory Capital/Prudential Rules: FCA Publishes First Consultation on Implementation of IFPR

On December 4, the United Kingdom’s Financial Conduct Authority (FCA) published a press release announcing details of its ‘cutover plan’ for firms transferring to the FCA Financial Instruments Transparency System (FCA FITRS) and FCA Financial Instruments Reference Data System (FCA FIRDS) upon Brexit (the Press Release).
Continue Reading FCA Post-Brexit ‘Cutover Plan’ for Firms Transferring to FCA FIRDS and FITRS

On September 24, the European Securities and Markets Authority (ESMA) published a consultation paper examining transaction reporting and reference data obligations under the Market in Financial Instruments Regulation (MiFIR) (the Consultation Paper).
Continue Reading ESMA Publishes Consultation Paper on MiFIR Reference Data and Transaction Reporting

On October 7, the Financial Conduct Authority (FCA) published a “Brexit Special” of its monthly Market Watch newsletter, in which it summarized some recent developments and publications in connection with the regulated sector’s preparedness for the forthcoming departure of the UK from the EU on November 1.
Continue Reading FCA Publishes “Brexit Special” Market Watch

On May 7, the European Securities and Markets Authority (ESMA) announced a new portal for investors seeking information on whether a financial services provider is authorized within the European Union. The portal includes registers of the following:

  1. Markets in Financial Instruments Directive (MiFID) investment firms, including systematic internalizers;
  2. MiFID trading venues;
  3. MiFID data reporting service

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On April 4, the European Securities and Markets Authority (ESMA) added 10 new questions and answers (Q&A) to its Q&A document on the implementation of investor protection topics under the revised Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR).

The Q&A provides clarification on the following topics:

  • best execution;

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On May 16, the UK Prudential Regulation Authority published the minutes (Minutes) of a Foreign Exchange Joint Standing Committee meeting held on April 22.

Notably, the Minutes summarize a presentation given by the Financial Conduct Authority (FCA) as to the application of best execution obligations under the Markets in Financial Instruments Directive (MiFID) to foreign exchange (FX) derivatives and FX spot transactions. The FCA noted that FX derivatives, and FX spot transactions that are ancillary to transactions with financial instruments, are already covered by MiFID best execution obligations. However the FCA also confirmed that for all other FX spot transactions outside the scope of MiFID, the obligations owed vary according to the trading relationship between market participants and clients.
Continue Reading PRA Publishes Meeting Minutes With Notes on the Application of Best Execution to FX Derivatives and FX Spot Transactions